Hornets Sports & Entertainment and Bank of America Corp. (NYSE: BAC) are teaming up once again to host the third Hornets Innovation Summit.
The Charlotte Hornets Foundation launched the summit in 2021 to boost economic mobility in the region. It's achieving that by awarding $15,000 to businesses that are at least 51% operated by minorities. Business owners will also have access to professional resources and skill development. Qualifying companies must be located within 150 miles of Spectrum Center, the uptown home of the NBA Charlotte Hornets.
BofA is serving as presenting partner for a second consecutive year.
Applicants selected to proceed to round two will produce a one-minute pitch video that will be uploaded on the Hornets website and social-media platforms. Finalists will be chosen via fan voting and an internal selection committee. In March, those selected will pitch their business ideas to a panel of established local entrepreneurs, live at Spectrum Center. And, new for this year, finalists will be matched with a mentor from Charlotte-based BofA who can provide support and advice prior to the pitch event.
The Lonely Entrepreneur, a national nonprofit that offers tools, knowledge and support for business owners, is also returning as a partner. Applicants will receive one year of free access to the nonprofit's resources as well as an electronic toolkit with tips for entrepreneurs.
In another new feature for this year, those advancing to round two will receive mentorship, coaching and educational opportunities from senior BofA and Hornets executives.
Fred Whitfield, Hornets president and vice chairman, said the summit has become one of the foundation's favorite community efforts.
"Building on the success of the past two years, we’re especially proud that every applicant will receive upgraded complimentary business resources thanks to our friends at Bank of America and The Lonely Entrepreneur,” he added.
The summit is part of the Hornets' social justice platform that started in late 2020. That platform focuses on three areas, including voting, economic mobility and racial equity, Betsy Mack, senior director of corporate social responsibility and the foundation's executive director, previously told CBJ.
"Supporting small businesses continues to be one of our key focus areas within our commitment to advance racial equality and economic opportunity," said Kieth Cockrell, BofA’s Charlotte president. "This initiative aligns with that goal as we’re working to open doors – by providing access to an array of business resources and community leaders – for minority-led businesses and entrepreneurs."
The previous winners of the summit were Brandi Long, owner of the Jurse, and Elizabeth Escobar, founder of bilingual job platform Hay Trabajo. As a result of the program, Long received an 88% increase in sales of the Jurse product, which converts from a jacket into a purse. Hay Trabajo saw a 41% jump in subscribers and created partnerships with more than dozen new businesses and nonprofits.
The application period runs through Feb. 6.
